Lenders Compared: Site Traffic Rankings & More (Data Updated for Jan 2018)

Best 3 & 6 Month Loans for Bad Credit | Compare Instalment Loan Lenders

Best 3 & 6 Month Loans for Bad Credit. Compare Instalment Loan Lenders
Best 3 & 6 Month Loans for Bad Credit Online…

Sample Listing:
Brand & Launch Year | Alexa Rank (UK, Global, No Rank)
– Opening Hours (NS = Not Shared)
– Terms (Repayment Options) | Sums (+Reloan Cap in Brackets)
– The Charge of a 3 Month £300 Loan | Followed by 6 Month Example (When Both Available)
*Any Supporting Notes.

List of Instalment Loan Lenders 2018 Ranked by Web Traffic

1) Wonga (2007) | #8080
Wonga Loans
– Mon/Sat (7am-8pm), Sun (8am-5pm)
– 1d-6m | £150-£600 (£2000)
– £155.97 (3m) | £279.37 (6m)
*£1000 max for payday.

2) QuickQuid (2007) | #8529
QuickQuid Loans
– Mon/Fri (8am-9pm), Sat/Sun (10am-6.30pm)
– 1m-3m | £50-£1000 (£1500)
– £205.20-£216 (3m)
*New customer promo code factored.

3) Sunny (2004/2013) | #11,341
Sunny Loans
– Mon/Thurs (8.30am-7pm), Fri (8am-5pm), Sat/Sun (10am-3.30pm)
– 6m-14m | £100-£2500
– £279.33 (6m)
*New customer promo code factored. Rebranded from 1 Month Loan.

4) SafetyNet Credit (2014) | #13,385
SafetyNet Credit Loans
– Mon/Fri (8am-7pm), Sat (9am-5pm)
– 1d-12m+ | £100-£500
– £96 (3m) | £96 (6m)
*24/7 reloaning. From limit can draw £20+. Their cap has been reached here.

5) Lending Stream (2008) | #14,790
Lending Stream Loans
– Mon/Sun (8am-8pm)
– 6m | £50-£800 (£1500)
– £275.52 (6m)
*Non.

6) MyJar (2009/2013) | #18,503
MyJar Loans
– Mon/Fri (8am-8pm), Sat (8am-6pm), Sun (9am-6pm)
– 3m-12m | £100-£3600
– £144.07 (3m) | £234.56 (6m)
*24/7 reloaning. Rebranded from TxtLoan.

7) Smart Pig (2012) | #19,227
Smart Pig Loans
– Mon/Fri (9am-7pm), Sat/Sun (10am-6pm)
– 1d-180d | £50-£350
– £150 (3m) | £150 (6m)
*Students only. Their cap has been reached here.

8) Satsuma Loans (2013) | #21,857
Satsuma Loans
– Mon/Fri (8am-8pm), Sat (8.30am-5pm)
– 3m-12m | £100-£1000 (£2000)
– £129.26 (3m) | £274.60 (6m)
*Weekly repaid shown. Monthly is £142.80 & £268.80.

9) WageDayAdvance (2004) | #22,659
WageDayAdvance Loans
– Mon/Fri (8am-8pm), Sat (9am-5pm), Sun (10am-4pm)
– 1m-6m | £80-£500 (£1000)
– £211.20 (3m) | £253.99 (6m)
*Non.

10) PiggyBank (2012) | #26,971
PiggyBank Loans
– Mon/Thu (8am-6pm), Fri (8am-4.30pm), Sat (9am-1pm)
– 7d-5m | £100-£1000 (£1500)
– £155.97 (3m)
*£400 max for payday.

11) Pounds to Pocket (2010) | #33,819
Pounds to Pocket Loans
– Mon/Fri (8am-9pm), Sat/Sun (10am-6.30pm)
– 6m-12m | £200-£2000
– £203.85-£208.08 (6m)
*New customer promo code factored.

12) Ferratum (2010) | #41,562
Ferratum Loans
– Mon/Tue (8am-7pm), Wed (8am-5pm), Thu (8am-7pm), Fri (8am-5pm), Sat (8am-12pm).
– 1m-4m | £50-£700 (£1000)
– £154.26 (3m)
*7/7 payouts possible when reloaning.

13) Track Loans (2017) | #46,056
Track Loans
– Mon/Fri (9.30am-5pm)
– 3m-6m | £100-£500
– £59.46 (3m) | £108.66 (6m)
*Non.

14) Cashfloat (2014) | #46,862
CashFloat Loans
– Mon/Fri (9am-5.30pm)
– 1m-4m | £200-£500 (£1100)
– £143.70 (3m)
*Non.

15) Peachy (2011) | #50,388
Peachy Loans
– Mon/Fri (8am-8pm), Sat/Sun (10am-6pm)
– 1m-12m | £100-£1000
– £155.11 (3m) | £291.10 (6m)
*Non.

16) Drafty (2016) | #55,235
Drafty Loans
– Mon/Sun (7am-10pm)
– 1d-12m+ | £50-£3000 (£5000)
– £48.60 (3m) | £97.20 (6m)
*24/7 reloaning. After initial £50 draw can request £20+.

17) H&T Pawnbrokers (1897) | #58,825
H&T Pawnbrokers Loans
– Mon/Fri (9am-8pm), Sat (9am-5pm), Sun (10am-2pm)
– 3m-8m or 18m-36m | £100-£1000
– £142.05 (3m) | £254.58 (6m)
*Web product was launched in 2015.

18) Swift Sterling (2010) | #72,764
Swift Sterling Loans
– Mon/Sat (7.30am-11.30pm)
– 1m-5m | £100-£750 (£1500)
– £155 (3m)
*Non.

19) Uncle Buck (2004) | #76,218
Uncle Buck Loans
– Mon/Fri (9am-6pm), Sat (9am-3pm)
– 4m or 6m | £200-£500 (£1000)
– £292.38 (6m)
*Non.

20) Oakam (2007) | #77,675
Oakam Loans
– Mon/Fri (8am-7pm), Sat (9am-6pm)
– 3m-36m | £200-£1000 (£5000)
– £134.56 (3m) | £272.36 (6m)
*Non.

21) Mr Lender (2009) | #83,829
Mr Lender Loans
– Mon/Fri (8am-6.30pm), Sat/Sun (8am-3.30pm)
– 3m-6m | £200-£500 (£1000)
– £144 (3m) | £251.60 (6m)
*Non.

22) Quid Market (2011) | #89,414
Quid Market Loans
– Mon/Fri (8am-6pm), Sat (9am-4pm)
– 1m-6m | £300-£600 (£1000)
– £154.37 (3m) | £296.45 (6m)
*1 & 2 month terms on reloans only. Reloan sums also start from £200.

23) The Money Platform (2016) | #107,248
The Money Platform Loans
– Mon/Fri (NS)
– 2m-3m | £250-£1000
– *£63+ (£250/84d) (3m)
*Hypothetical = £81. Must be 20+. Peer-2-peer.

24) WizzCash (2012) | #115,368
WizzCash Loans
– Mon/Fri (9am-5.30pm)
– 3m | £300 (£1000)
– £154.26 (3m)
*Non.

25) Trusted Quid (2011) | #117,565
Trusted Quid Loans
– Mon/Fri (8am-11pm), Sat (8am-8pm)
– 6m | £100-£500 (£1500)
– £247.83 (6m)
*Non.

No Alexa UK Ranking (Sorted by Global Rank)

26) The Quick Loan Shop (2012) | #1,854,040
The Quick Loan Shop Loans
– Mon/Fri (NS)
– 1m-12m | £100-£2000
– *£152.28 (£600) (3m) | *£281.10 (£600) (6m)
*Hypothetical = £76.14 & £140.55.

27) Cash Asap (2012) | #1,913,255
Cash Asap Loans
– Mon/Fri (8am-9pm), Sat (8am-7pm), Sun (9am-7pm)
– 1d-3m | £100-£300 (£750)
– £154.23 (3m)
*Non.

28) Fernovo (2017) | #2,260,687
Fernovo Loans
– Mon/Fri (9am-6pm)
– 1m-6m | £100-£1000
– £92.85 (3m) | £172.98 (6m)
*Non.

29) MoneyBoat (2014) | #2,405,105
Money Boat Loans
– Mon/Fri (8.30am-5.30pm)
– 2m-6m | £200-£800 (£1500)
– £136.30 (3m) | £259.64 (6m)
*Non.

30) Quidie Online Lending (2014) | #3,040,805
Quidie Online Lending Loans
– Mon/Fri (9am-6pm)
– 2m-6m | £100-£1000
– £92.85 (3m) | £172.98 (6m)
*Must be 21+.

31) Nextcredit (2012) | #3,201,869
Nextcredit Loans
– Mon/Fri (8am-8pm), Sat (9am-1pm)
– 1m-12m | £100-£1000
– £155.97 (3m) | *£600 (£600) (6m)
*Hypothetical = £300.

32) Dot Dot Loans (2017) | #3,228,460
Dot Dot Loans
– Mon/Fri (8.30am-6pm)
– 3m-9m (12m) | £100-£600 (£1250)
– £129 (3m) | £267 (6m)
*12m on reloans only.

33) Savvy (2013/2014) | #3,607,472
Savvy Loans
– Mon/Thu (8am-7pm), Fri (8am-5pm), Sat (10am-2pm)
– 6m-24m | £200-£3000
– £300 (6m)
*Rebranded from Valour.

34) Fair Finance (2005) | #3,774,938
Fair Finance Loans
– Mon/Fri (9am-5.30pm)
– 6m-18m | £100-£1000 (£3000)
– £88 (6m)
*Weekly repay is £96 (monthly shown). Must complete in person.

35) Cash4UNow (2011) | #4,329,951
Cash4UNow Loans
– Mon/Fri (9am-5.30pm)
– 2m-6m | £150-£500 (£1000)
– *£76.50 (£150) (3m) | £255 (6m)
*Hypothetical = £153 (must select 4m+ for £300).

36) THL Direct (2008) | #4,338,695
THL Direct Loans
– Mon/Fri (9am-6pm)
– 3m | £150-£200 (£500)
– *£118 (£200/85d) (3m)
*Hypothetical = £187.38. Must be 21+.

37) Credio (2014) | #4,651,744
Credio Loans
– Mon/Fri (NS)
– 1m-4m | £50-£200 (£250)
– *£56.10 (£150) (3m)
*Hypothetical = £112.20.

38) Response Funding (2009/2016) | #4,836,027
Response Funding Loans
– Mon/Fri (9am-6pm)
– 3m | £150-£200 (£500)
– *£111.36 (£200/82d) (3m)
*Hypothetical = £183.33. Must be 21+. Rebranded from Fancy a Payday.

39) In-Sync Credit Services (2017) | #4,945,917
In-Sync Credit Services Loans
– Mon/Thu (8.30am-6pm), Fri (8.30am-5pm), Sat (9am-1pm)
– 1m-12m | £150-£350 (£1000)
– £120.48 (3m) | £246.42 (6m)
*Weekly repaid shown for 3m (weekly stops at 3m). Going monthly instead is £150.33.

40) Tick Tock Loans (2014) | #5,554,609
Tick Tock Loans
– Mon/Fri (NS)
– 3m-6m | £200-£500 (£1000)
– £156 (3m) | £300 (6m)
*Non.

41) Auden (2014/2017) | #5,725,523
Auden Loans
– Mon/Fri (9.30am-5.30pm)
– 7d-12m | £200-£400 (£1000)
– £100.53 (3m) | £164.56 (6m)
*Rebranded from Uberima. Weekly repaid shown. Monthly is £120.63 & £172.70.

42) Fast Loan UK (2010) | #6,463,237
Fast Loan UK Loans
– Mon/Sun (9am-5pm)
– 1m-12m | £50-£600 (£2000)
– £135 (3m) | £223.86 (6m)
*Monthly repay is £146.62 & £224.43 (weekly shown). New users capped at 8m.

43) Pogo Loans (2015) | #8,867,599
Pogo Loans
– Mon/Fri (9am-5pm)
– 2m-3m | £200-£600
– £115.59 (3m)
*Non.

44) Quick Loans Express (2015) | #10,573,466
Quick Loans Express Loans
– Mon/Fri (8am-5pm)
– 1m-4m | £200-£500 (£1100)
– £145 (3m)
*Non.

45) JL Money (2004) | 13,054,149
JL Money Loans
– Mon/Fri (9.30am-5.30pm)
– 3m-12m | £100-£2000
– £90 (3m) | £180 (6m)
*Guarantors required for £500+.

46) Payday Loans Net (2017) | #13,541,746
Payday Loans Net Loans
– Mon/Fri (8am-5pm)
– 1m-6m | £200-£700 (£2000)
– £145 (3m)
*No 6m example (requires £1200+).

47) Pounds Till Payday (2006) | #13,719,799
Pounds Till Payday Loans
– Mon/Sat (7.30am-11.30pm)
– 1m-5m | £100-£750 (£1500)
– £155 (3m)
*Non.

48) Tappily (2017) | #16,611,876
Tappily Loans
– Mon/Fri (8am-7pm), Sat (9am-5pm)
– 1d-12m+ | £100-£2500
– £76.50 (3m) | £76.50 (6m)
*24/7 reloaning. From limit can draw £20+. Their cap has been reached here.

No Global Rank (Sorted Alphabetically)

49-54) Care Finance and Loans (2010)
Care Finance and Loans
– Mon/Fri (NS)
– 3m | £100-£150
– *£85.50 (£150) (3m)
*Hypothetical = £171.

49-54) Kabayan Finance (2010)
Kabayan Finance Loans
– Mon/Fri (9am-5pm), Sat (10am-2pm)
– 1m-12m | £100-£1000
– £109.94 (3m) | £154.94 (6m)
*Non.

49-54) MPP Money (2013)
MPP Money Loans
– Mon/Fri (9am-5.30pm)
– 15d-3m | £100-£500
– £137.58 (3m)
*Not currently taking applications.

49-54) PeraLoans (2014)
Pera Loans
– Mon/Fri (9am-5.30pm)
– 1m-3m | £200-£500 (£1100)
– £127.80 (3m)
*Non.

49-54) SkyQuid (2014)
SkyQuid Loans
– Mon/Fri (9am-6pm)
– 2m-6m | £50-£500 (£1000)
– £149.15 (3m)
*No 6m example available.

49-54) Tiger Loans Company (2014)
Tiger Loans Company Loans
– Mon/Fri (NS)
– 3m-6m | £200 (£1000)
– £125.62 (3m) | £227.98 (6m)
*South East residents only.

Not Listed:
*Recent closures since our past update include Payday Express, PaydayUK, Pixie Loans and The Money Shop (online).

Notes:
*Alexa rankings are displayed to demonstrate market share.
*Discounts from promo codes are available with a number of providers. We have referenced these above when active coupons have been confirmed.
*Hypothetical examples are shown to demonstrate how much £300 would cost. This is when £300 can’t be picked out on their calculators that is why we usually double a £150 charge or split £600.
*The traffic data was last updated on January 5th, 2018.



Cheapest Instalment Loans (Charge + Daily Rate to 3DP)

Bad Credit 3 Month Loans (£300 Cost)
1) Track Loans (£59.46 | 0.220%)
2) Quick Loan Shop (£76.14 | 0.282%)
3) JL Money (£90 | 0.333%)
4-5) Fernovo (£92.85 | 0.344%)
4-5) Quidie (£92.85 | 0.344%)

Top Good Credit Option
1) Drafty (£48.60 | 0.180%)

Bad Credit 6 Month Loans (£300 Cost)
1) Fair Finance (£88 | 0.163%)
2) SafetyNet Credit (£96 | 0.178%)
3) Track Loans (£108.66 | 0.201%)
4) Quick Loan Shop (£140.55 | 0.260%)
5) Smart Pig (£150 | 0.278%)

Top Good Credit Option
1) Tappily (£76.50 | 0.142%)

About

Whilst consumer demand remains mostly geared towards payday loans, there is now much more supplier choice in the booming instalment loan sector. For this comparison, we have picked out those that offer 3 or 6 month loans (sometimes both options may be available). The payday niche has been in heavy decline since the FCA’s price capping ruling came into force in early 2015. Potential profits from this point on were tightly squeezed since a provider could only charge 0.8% daily maximum including fees. This resulted in closures, but the more common route was for the payday firms to restructure longer term loans that is why you’ll see so many options featured today.

The company credited as the early trendsetter in this niche was Lending Stream who got up and running in 2008. They arrived with a fixed 6 month loan that is still in place today. Many rival firms stepped forward as time passed on, but the big spike came in 2015. The main benefit of extended terms is the bitesize repayments that are much easier to manage rather than a lump sum when going monthly. There is also a benefit in pricing since a fixed rate of interest is being taken from a shrinking balance as payments are made on the account. This of course works best at 6 months.

Pros and Cons

(+) Spreading the cost takes a chunky balance and breaks it down into manageable micro payments. This means that your bank balance won’t take too much of a hit as it would with a payday loan. The instalment sector has become overcrowded in recent years, but this competitive landscape has helped to raise the bar with competing lenders. This has pushed the interest rates down and some firms have wanted to stand out that has resulted in more distinguishable service features. With price, the value is improved the longer that you choose to borrow funds for. You can see this from comparing the best 3 and 6 month deals.

(-) Lower daily interest may be due, but with longer contracts comes more overall cash in the lender’s pocket. There could also be arguments that these type of contracts can be just as problematic as payday. Whilst more time indeed helps money management, some people may end up tempted to borrow higher amounts than originally wanted. There could also be the troublesome habit of continually lending over long periods that has been commonly seen historically in doorstep lending where customers end up in a borrowing cycle for many years. In this type of scenario it would be more advisable to opt for a guarantor or personal loan where there is much better value.

The Best Instalment Loan Alternatives?

Guarantor Loan: Assuming that you can find a backing this is one of the easier types of bad credit loan products to qualify for with minimal credit scoring. This reliance is instead passed on to the guarantors. APRs tend to float around 50% and so the guarantor value is much better when borrowing over a year or a few.

Payday Loan: If you have a good wage coming in that can meet a lump settlement with ease then short term lending is the way to go. It makes sense that dipping into your overdraft occasionally is going to be considerably cheaper than living in your overdraft and the same rule applies here.

Personal Loan: Similar to the guarantor point, but a little more expensive and the lenders are more picky. Likely Loans is a reasonably priced provider at 59.9% APR and they claim to consider poor credit. AvantCredit and On Stride Financial are examples of those targeting fairer credit scored applicants.

Last Updated: January 5th, 2018.